The Benefits of an Integrated Payment Platform
The concept of integrated payments is relatively simple: a single payment file from the buyer that is dispersed by their payment services provider into multiple payment methods.
There are many benefits inherent in an integrated payment platform:
- Easy integration for the buyer. As far as the buyer is concerned, suppliers are paid via a single payment type; however, the buyer’s payment services provider pays suppliers through a multitude of payment methods.
- Increased supplier enrollment due to an increased number of payment and remittance options to choose from.
- Easier reconciliation for the buyer. Instead of multiple reconciliation files, the buyer has a single integrated file--which reduces AP processing time.
To have a truly successful ePayables program, you must leverage an integrated payment platform. If you're still offering suppliers one or two electronic payment options to choose from, you are missing out on potential rebate revenue, cost savings, and process efficiency.